2018-04-27: Human and Cultural Factors of Risk Management

At the end of the day, humans manage risks. Involvement of humans into any process brings various advantages and disadvantages. This also applies to implementation of risk management processes within an organisation.

In this session, the expert speaker shared guidance on common human and cultural factors which may influence the quality of risk management processes and how to address these: –

Common human biases and how to address these.

Common human factors and how to address these.

Common organizational cultural factors and how to address these.

Common societal cultural factors and how to address these.

The expert speaker for this session was Cathy Hampson. She is a Managing Director at Celaris Ltd. working with Gartland & Mellina (Europe) Ltd. and DigiBlu in the UK. She has over 20 years of experience in financial services; investment banking, asset management, and insurance. She is experienced in change management, with expertise in the process changes required as well as the human resource behavioural changes required. Her interest in psychology, risk and coaching led to the publication of her book ‘An Introduction to Behavioural Risk’ (Risk Books 2015) and her second, co-authored, book ‘Fundamentals of Operational Risk for Insurers’ was published in 2017.

This session was hosted by Manoj Kulwal who is the Chief Risk Officer at RiskSpotlight and Director for Marketing at the IOR. He has 18 years of professional experience covering operational risk management, enterprise risk management, strategic performance management and business intelligence.

Thomas Lee, chief executive and co-founder of Vivo Security – a start-up firm based in Silicon Valley and sponsors at OpRisk North America – talks about how special the banking industry is to Vivo Security and why its approach to model risk management and its top-down approach to quantifying cyber risk aligns synonymously with banks.